Barnes Group (NYSE:B) Updates FY24 Earnings Guidance

Barnes Group (NYSE:B) issued an update on its FY24 earnings guidance on Friday morning. The company provided earnings per share guidance of $1.62-1.82 for the period, compared to the consensus earnings per share estimate of $1.70. The company issued revenue guidance of +13-16% yr/yr to ~$1.64-1.68 billion, compared to the consensus revenue estimate of $1.63 billion. Barnes Group also updated its FY 2024 guidance to 1.620-1.820 EPS.

Barnes Group Price Performance

Barnes Group stock opened at $35.89 on Friday. The company has a debt-to-equity ratio of 0.94, a quick ratio of 1.37 and a current ratio of 2.29. Barnes Group has a 52 week low of $18.79 and a 52 week high of $43.65. The stock has a market capitalization of $1.82 billion, a P/E ratio of 115.78, a price-to-earnings-growth ratio of 2.15 and a beta of 1.38. The stock has a fifty day moving average of $36.11 and a 200-day moving average of $31.94.

Barnes Group (NYSE:B) last released its quarterly earnings results on Friday, February 16th. The industrial products company reported $0.41 EPS for the quarter, beating analysts’ consensus estimates of $0.35 by $0.06. Barnes Group had a return on equity of 6.20% and a net margin of 1.10%. The firm had revenue of $415.50 million for the quarter, compared to analyst estimates of $420.47 million. During the same quarter in the previous year, the company posted $0.52 EPS. The business’s revenue was up 32.5% on a year-over-year basis. On average, sell-side analysts expect that Barnes Group will post 1.69 earnings per share for the current fiscal year.

Barnes Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 8th. Stockholders of record on Thursday, February 22nd were paid a $0.16 dividend. This represents a $0.64 annualized dividend and a dividend yield of 1.78%. The ex-dividend date was Wednesday, February 21st. Barnes Group’s dividend payout ratio (DPR) is presently 206.46%.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the company. DA Davidson raised Barnes Group from a neutral rating to a buy rating and increased their price objective for the company from $35.00 to $45.00 in a report on Thursday, April 18th. StockNews.com raised Barnes Group from a sell rating to a hold rating in a report on Monday, February 19th. Oppenheimer raised their price target on Barnes Group from $36.00 to $43.00 and gave the stock an outperform rating in a report on Tuesday, February 20th. Finally, Truist Financial raised their price target on Barnes Group from $23.00 to $34.00 and gave the stock a hold rating in a report on Wednesday, January 10th.

Barnes Group Company Profile

Barnes Group Inc provides engineered products, industrial technologies, and solutions in the United States and internationally. The company operates through two segments: Industrial and Aerospace. The Industrial segment offers precision components, products, and systems used by various customers in end-markets, such as mobility, industrial equipment, automation, personal care, packaging, electronics, and medical devices.